The Bank says that innovation platform which Targets Africa’s Next Generation of Tech Entrepreneurs reflects a broader commitment to building Nigeria’s digital economy by supporting startups, technology solutions and youth entrepreneurship
Wema Bank has reaffirmed its commitment to driving youth-led innovation and entrepreneurship with the launch of the seventh edition of its flagship technology initiative, Hackaholics, positioning the programme as a strategic investment in Nigeria’s emerging innovation economy rather than a conventional corporate social responsibility project.
The bank unveiled Hackaholics 7.0 at its Lagos headquarters under the theme “Powering Possibilities,” announcing plans to expand opportunities for young innovators across Nigeria through startup competitions, hackathons and a newly introduced social impact category.
Speaking during the launch, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said financial institutions have responsibilities that extend beyond providing banking services, arguing that sustainable economic growth depends increasingly on the ability of organisations to create opportunities, support innovation and develop the ecosystems that enable entrepreneurs to thrive.
According to him, Wema Bank has deliberately positioned Hackaholics as a platform for discovering and nurturing technology-driven solutions capable of addressing real societal challenges while creating new economic opportunities for young Africans.
“At Wema Bank, we believe institutions have responsibilities that extend beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive and support the ecosystems that will shape today’s youth as well as tomorrow’s economy,” Oseni said.
He noted that the programme has evolved significantly since its introduction in 2019, growing from a startup competition into one of Nigeria’s notable innovation platforms supporting technology entrepreneurs.
According to the bank, Hackaholics has attracted more than 50,000 participants, supported over 10,000 startups and facilitated the development of more than 100 digital solutions over the past seven years.
The bank also disclosed that cumulative grant funding awarded through the programme has reached $500,000 across previous editions, providing early-stage financial support for winning startups and technology innovators.
Building on that momentum, Hackaholics 7.0 aims to broaden participation by providing aspiring entrepreneurs with structured opportunities to transform innovative ideas into scalable businesses.
The programme is open to Nigerian youths at no cost and focuses on seven strategic sectors considered critical to the country’s economic future. These include financial inclusion, healthcare, digital transformation, education, sustainability, social impact and the future of work.
Participants will compete under three categories comprising the Startup Pitch Competition, the Hackathon Challenge and the newly introduced Social Impact Track.
Following an initial virtual screening exercise, Wema Bank plans to embark on a nationwide innovation tour covering ten pitch centres across Nigeria’s six geopolitical zones before the grand finale.
Commenting on the initiative, the bank’s Divisional Executive for Business Support, Tajudeen Bakare, described the seventh edition as an opportunity to encourage more young Nigerians to transform creative ideas into sustainable businesses.
According to him, the programme has been deliberately designed to equip aspiring entrepreneurs with the skills, exposure and opportunities required to compete within an increasingly technology-driven global economy.
He urged young innovators to leverage the platform to develop commercially viable solutions capable of addressing national and continental challenges while contributing to economic development.
BrandiQ Analysis
Why Hackaholics Is Becoming More Than a Startup Competition
The launch of Hackaholics 7.0 reflects a broader shift taking place within Nigeria’s banking industry. Traditionally, banks competed on deposits, lending, branch expansion and financial products.
Today, the competition is increasingly about who can build the strongest innovation ecosystem. Across the world, financial institutions are repositioning themselves as innovation partners rather than merely providers of capital. They are investing in startup accelerators, venture-building programmes, fintech partnerships and entrepreneurship ecosystems because the businesses they support today are likely to become the corporate customers of tomorrow.
Wema Bank appears to be pursuing this long-term strategy through Hackaholics. Rather than waiting for successful businesses to emerge before offering financial services, the bank is engaging entrepreneurs at the earliest stages of innovation, helping them transform ideas into investable ventures.
Innovation as a Competitive Banking Strategy
The programme also illustrates how innovation has become an increasingly important competitive differentiator within Nigeria’s banking sector. Banks are no longer competing solely through branch networks or digital banking platforms.
Increasingly, they are competing through ecosystem development. Institutions that successfully build strong relationships with startups, developers, technology founders and young entrepreneurs are positioning themselves to participate in Nigeria’s next generation of economic growth.
This strategy aligns with broader national ambitions to diversify the economy beyond oil by encouraging technology entrepreneurship, digital innovation and knowledge-based industries.
Beyond Corporate Social Responsibility
Perhaps the most significant aspect of Hackaholics is that it represents more than corporate philanthropy. Increasingly, leading organisations are replacing traditional Corporate Social Responsibility (CSR) initiatives with shared value strategies—programmes that simultaneously address societal challenges while strengthening long-term business competitiveness.
By investing in innovation, entrepreneurship and digital skills, Wema Bank is contributing to the development of future businesses that may eventually become customers, partners or beneficiaries of its financial services. In that sense, Hackaholics functions as both an innovation platform and a long-term business development strategy.
The Bigger Picture
Nigeria possesses one of Africa’s youngest populations and one of its fastest-growing technology ecosystems. However, many promising innovators continue to face challenges including limited access to funding, mentorship, commercial networks and structured incubation programmes.
Initiatives such as Hackaholics help bridge part of that gap by providing visibility, technical support, funding opportunities and market exposure for early-stage entrepreneurs.
While no single programme can resolve Nigeria’s innovation financing challenges, sustained investment by financial institutions in startup development has the potential to strengthen the country’s entrepreneurial ecosystem and accelerate the growth of a more diversified digital economy.
Ultimately, Hackaholics 7.0 is not simply another technology competition. It reflects the growing recognition that the future of banking will be shaped not only by how institutions finance businesses, but by how effectively they help create them.
